Flexible Plastic Packaging Market worth 131.65 Billion USD by 2022
According to the new market research report on the "Flexible Plastic Packaging Market by Material (Polypropylene & Polyethylene), Product (Bottles, Vials, Ampoules), End-use Industry (Pharmaceutical), and Region (North & South America, Europe, Asia Pacific, Middle East & Africa) - Global Forecast to 2023" published by MarketsandMarkets™, The Blow-fill-seal Technology Market size is projected to grow from USD 292.3 million in 2018 to reach USD 386.0 million by 2023, at a CAGR of 5.71%.
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The flexible plastic packaging market is expected to witness a high growth due to factors such as an increase in middle-class population, growth in demand from the food & beverage and healthcare sectors, and preference for convenient packaging.
“Stand-up pouches segment, by type, to gain maximum share during the forecast period”
The stand-up pouches segment is estimated to account for the largest share in 2022, mainly because of the growing consumption of food & beverage, dairy, and cosmetics products. Stand-up pouches are appealing as well as functional as they offer various features such as zipper re-seal, slider closure, and release valves. The growing healthcare industry also provides an opportunity to the market to grow further due to the rising consumption of over-the-counter products for which stand-up pouches are used, especially in the emerging markets of Asia-Pacific and South America.
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“Plastic films segment of material is projected to grow at the highest rate during the forecast period”
Raw materials such as plastic films, aluminum foil, paper, and bioplastic are used for flexible packaging. Plastic films are further categorized into polyethylene, polypropylene, PVC, BOPET, EVOH, polyamide, and polystyrene. They offer excellent visibility to the product and provide secure and attractive packaging options. It is primarily used in the packaging of food & beverage products as it protects them from oxidation and also provides extended shelf life to the product.
“Asia-Pacific projected to be the largest share in the flexible plastic packaging market in 2022”
On the basis of key regions, the flexible plastic packaging market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The Asia-Pacific region accounted for the largest share among all the regions in 2016 and is projected to grow at the highest rate from 2017 to 2022, in terms of value. This is mainly due to the increasing demand for flexible packaging in China and India, coupled with the growing food & beverage industry in these countries. Owing to the increasing disposable incomes, the urbanized population is shifting towards healthy and safe packaged foods. Therefore, rising income and consumption level would also lead to the growth of the flexible packaging market in this region.
The major players include Amcor Limited (Australia), Bemis Company, Inc. (U.S.), Constantia Flexibles Group GmbH (Austria), Sealed Air Corporation (U.S.), Huhtamäki Oyj (Finland), Coveris Holdings S.A. (U.S.), Sonoco Products Company (U.S.), Berry Plastics Group, Inc. (U.S.), Mondi Group (Austria), Reynolds Group Holdings (New Zealand), and Reynolds Group Holdings (Netherlands). Companies have adopted strategies such as acquisitions, expansions, and new product launches to cope with the increase in demand in the emerging markets.
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